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Japanese Yen 7768 Remains Trend Defining Level

Japanese Yen 7768 Remains Trend Defining Level

2011-09-02 07:25:00
Jamie Saettele, CMT, Sr. Technical Strategist
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60 Minute Bars

eliottWaves_usd-jpy_1_body_usdjpy.png, Japanese Yen 7768 Remains Trend Defining Level

Prepared by Jamie Saettele, CMT

The USDJPY rally from its record low (just below 7600) is left as a 3 wave rally which is corrective and leaves price vulnerable to new lows. Reinforcing the bearish structure of the 3 wave rally is the sharp decline from yesterday’s high (impulsive). If the USDJPY breaks down, the next level of interest on the downside would be the 161.8% extension of the decline from 7769, at 7507.

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Trend Strength (M,W,D) – (2), (2), 0

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Jamie Saettele publishes Daily Technicals every weekday morning, COT analysis (published Monday), technical analysis of currency crosseson Wednesday and Friday (Euro and Yen crosses), and intraday trading strategy as market action dictates at the DailyFX Forex Stream. A graduate of Bucknell University, he holds the Chartered Market Technician (CMT) designation from the Market Technician Association. He is the author of Sentiment in the Forex Market.  Send requests to receive his reports via email to jsaettele@dailyfx.com.

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